Laos bank: Don’t use cryptocurrencies

VIENTIANE: The Bank of the Lao People’s Democratic Republic has warned Lao commercial banks, businesses and the public not to buy, sell or use cryptocurrency for money transactions as this practice is illegal.

The Lao central bank’s Transaction System Management Department recently issued the warning after learning that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the Lao central bank has banned the use of these currencies, the local daily Vientiane Times reported yesterday.

The department told banks and other financial institutions under the management of the Lao central bank to strictly observe the announcement in October 2018.

A source with the Lao central bank told the daily that there is no security system in place to protect users or customers of cryptocurrency transactions and that this increases the risk of money laundering. — Xinhua